Codelco Gets Green Light to Extend Chilean Copper Mine Life

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Written by Amir Richani for IIR News Intelligence (Sugar Land, Texas)

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Summary

Chile's Codelco can extend the life of its Ministro Hales copper mine to 2054 after receiving environmental approval. Copper production will increase to 200,000 tons per year from 170,000 tons, and processing capacity will increase to 65,000 tons per day from 57,000 tons.

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Mine Life Extension Gets Environmental Impact Assessment Approval

Chilean state mining company Codelco has received environmental impact assessment (EIA) approval for the life-of-mine extension of its Ministro Hales copper mine in the Atacama Desert. The project would allow the mine to extend operations to 2054, and it will cost an investment of US$2.8 billion.

The Ministro Hales mine will increase its production capacity from 170,000 to 200,000 tons of copper per year. To reach these volumes, the mine will expand its extraction capacity from 500,000 to 550,000 tons per day and its processing capacity from 57,000 to 65,000 tons per day. Subscribers to Industrial Info's Global Market Intelligence (GMI) Metals & Minerals Project and Plant databases can view a list of detailed project reports and the plant profile.

"This approval is a clear sign of Codelco's commitment to responsible mining and the country's sustainable development. Ministro Hales is a strategic operation, and its continued operation ensures jobs, investment, and value for Chile," said Codelco Chief Executive Officer Rubén Alvarado.

Codelco's Projects and Production

The life extension of Ministro Hales is part of Codelco's plan to boost production to previous levels, after the lows experienced in 2023, when production hit 1.424 million tons, including stakes from assets like Quebrada Blanca. Between January and November last year, Codelco's production stood at 1.258 million tons, about 0.3% more than in 2024.

By the end of 2025, volumes were still higher year on year despite the El Teniente mine accident in July 2025, which shut down the mine for several days, leading to a production loss estimated at 48,000 tons of copper, according to news reports citing Codelco Chairman Maximo Pacheco.

A recent Reuters report suggested that Codelco has set a production target of 1.344 million tons of copper for 2026.

However, reclaiming historical production levels will not be easy. The company depends on the completion of structural projects at its operational mines and on new projects.

IIR is tracking 55 projects worth US$20.42 billion owned by Codelco. Among the projects tracked are lithium-focused developments in partnership with SQM through the newly created NovaAndino Litio joint venture.

Besides the Ministro Hales, other life-of-mine extensions and expansions projects tracked by IIR are the Radomiro Tomic and Gabriel Mistral extensions, and the Chuquicamata upgrade.

Copper Prices

Copper prices reached historical highs in January at just over US$6 per pound, amid geopolitical tensions and tight supply.

Key Takeaways

• Codelco received EIA approval for its Minister Hales life-of-mine extension.
• The facility will be able to operate through 2054 and increase production to 200,000 tons per year.
• IIR is tracking 55 projects owned by Codelco worth US$20.42 across copper and lithium.

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About IIR News Intelligence
IIR News Intelligence is a trusted source of news for the industrial process and energy markets, powered by Industrial Info Resources' Global Market Intelligence (GMI).

About Industrial Info Resources
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking over 250,000 current and future projects worth $30.2 Trillion (USD).